The Indian IT sector, which is reviving from the global financial crisis, might not have seen great salary hikes last fiscal, but the combined pay package of the directors at the country's top software firm TCS shot up by about 25 per cent during 2009-10.
The total pay package of its top management personnels and Directors on Board increased by over Rs 2.24 crore during the said period.
The total remuneration of its key management personnels and board members during FY 2009-10 was Rs 16 crore as compared to Rs 12.80 crore in FY 2008-09.
The Indian IT-ITeS industry, which was recovering from recession in 2009-10, saw an average salary hike of 10-12 per cent.
In terms of total package, N Chandrasekharan, who assumed the role of CEO in October 2009, took home Rs 2.97 crore this fiscal, according to TCS' annual report.
The new CEO got Rs 46.70 lakh as salary, Rs 51.12 lakh as benefits, perquisites and allowances and Rs 2 crore as commission.
The package of the outgoing CEO S Ramadorai was Rs 3.61 crore (from April 1, 2009 to October 5, 2009).
Ramadorai was paid a salary of Rs 44.25 lakh, benefits, perquisites and allowances of Rs 67.38 lakh and commission of Rs 2.5 crore in 2009-10.
The Chief Financial Officer S Mahalingam saw an increase of 45 per cent in his pay package to Rs 2.97 crore for the said period.
Executive Director Phiroz Vandrevala got a hike of 20 per cent as his remuneration rose from Rs 1.40 crore to Rs 1.68 crore.
Ratan Tata, TCS's non-executive Chairman, saw his remuneration, comprising of a commission and sitting fees for board members growing to Rs 0.81 crore from Rs 0.55 crore.
TCS has 10 non-executive Directors including Ratan Tata and S Ramadorai and four executive directors.
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